BIL bid-ask spread and liquidity

SPDR Bloomberg 1-3 Month T-Bill ETF

BondsState Street$51.1bn net assets0.14% fee

As of Oct 22, 2026, BIL’s median bid-ask spread over 30 days was 0.01%, and its IQ Liquidity Score is 97, Trades like a giant.

Overview Holdings Dividends Trading Flows Compare

IQ Liquidity Score

4 of 6 measured · Oct 22, 2026

Trades like a giant96th percentile of 61 bonds ETFs

0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: a fixed 0 to 100 scale of trading conditions, the same anchors for every fund; 100 is the easiest to trade. It measures how cheaply and reliably the fund trades, not whether to own it. Method →

Trades like a giant: trades at a typical spread of 0.01%.

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Ask IQ about BIL bid-ask spread and liquidity

Answers cite the figures on this page.

Cost to trade

0.01% median spread, 30 days to Oct 22, 2026

100.0

Capacity

Not measured · it holds cash and bills, which have no volume source here

Price fidelity

95% of days within ±0.01% of NAV, 251 days to Oct 22, 2026

100.0

Primary market

7 active dealers of 40; largest 52% of creations and redemptions, N-CEN to Jun 30, 2026

85.0

Bad-day behaviour

Premium 1× normal on the 10 worst S&P 500 days, to Oct 22, 2026

100.0

Depth

Not measured · needs trade and quote data (Phase 2)

Cost for your order

One way, half its 30-day median spread; sizes above $10,000 are estimates

BIL: cost for your order at each size, round trip
Order	Dollars	Percent	Basis
$1,000	$0.05	0.005%	spread
$10,000	$0.50	0.005%	spread

Spread 0.01% median, 30 days to Oct 22, 2026. Above $10,000 the cost adds an estimate of market impact that grows with the order against the holdings’ capacity; a patient limit pays less.

Full cost to own

At $10,000

1 year

0.15%$15

fee alone 0.14% · $14

5 years

0.71%$71

fee alone 0.70% · $70

Fee, plus the round-trip spread once, plus the median premium paid at entry. Against SPTL (fee 0.03%): BIL costs less to own for about 0.5 years; after that SPTL’s lower fee makes it the cheaper fund.

Premium or discount to value

Daily, 251 days to Oct 22, 2026 · the ±1% band marked

Latest close, Oct 22

0.00%

95% of days within

±0.01%

Days more than 1% from NAV

0 of 251

Widest

+0.02%, Sep 29, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day

Not measured: it holds cash and bills, which have no volume source here.

Dealers

Authorized participants · N-CEN, the year to Jun 30, 2026

Active dealers

of 40 authorized

Largest

52%

of creations and redemptions

One dealer

7 active

7 of 40 authorized participants created or redeemed BIL shares in the year to Jun 30, 2026. From the fund’s Form N-CEN, filed Sep 11, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (52.2%), Merrill Lynch Professional Clearing Corp. (34.8%), J.P. Morgan Securities LLC (9.6%), BMO Capital Markets Corp. (1.7%), RBC Capital Markets, LLC (1.4%), Pershing LLC (0.2%), Morgan Stanley & Co. LLC (0.1%). 33 more were listed and created or redeemed nothing.

Creations and redemptions

By week, 52 weeks to Oct 22, 2026

Oct 27 2025Each week’s net creations (green) and redemptionsOct 22 2026

$18.6bn net created in 31 weeks and $10.0bn net redeemed in 21, over the 52 weeks from Oct 27, 2025 to Oct 22, 2026, from the change in its shares outstanding.

How to trade BIL

To buy or to sell, up to $100,000

Order type: Limit: midpoint + 1¢ to buy, midpoint − 1¢ to sell.At the Oct 22 close of $91.60, that’s $91.61 to buy and $91.59 to sell.
When: ETF spreads are usually widest in the first minutes after the open and the last before the close.
Watch: The premium. On 95% of days it is within ±0.01%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

Phase 2 · drawn now, filled when trade data arrives

Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Is BIL liquid?

BIL’s IQ Liquidity Score is 97 of 100, Trades like a giant, the 96th percentile of 61 bonds ETFs, as of Oct 22, 2026.

What is BIL’s bid-ask spread?

0.01% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1¢ a share at the Oct 22 close.

Does BIL trade at a premium or discount to NAV?

It closed 0.00% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within ±0.01%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for BIL?

BIL’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 40 authorized participants (APs), and 7 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (52.2%), Merrill Lynch Professional Clearing Corp. (34.8%), J.P. Morgan Securities LLC (9.6%) of the dollars its APs created and redeemed.

Who is the LMM for BIL?

BIL’s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.

What does it cost to trade $10,000 of BIL?

About $0.50 one way, 0.005%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $15 all in, against $14 for the fee alone.

How do I place a limit order for BIL?

Set the limit at the midpoint + 1¢ to buy, or the midpoint − 1¢ to sell, in your broker’s quote. At the Oct 22 close of $91.60, that’s $91.61 to buy and $91.59 to sell.

Sources and dates

SpreadState Street (fund page), 30-day median · to Oct 22, 2026

Premium to NAVETFIQ, close against the issuer’s NAV · Oct 23, 2025 to Oct 22, 2026

DealersForm N-CEN · the year to Jun 30, 2026

Creations and redemptionsShares outstanding, daily, from the issuer

IQ Liquidity ScoreETFIQ · Oct 22, 2026

Where to next

ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →BIL fund page→

Cite this pageCitation, APA and Markdown

ETFIQ, BIL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/bil/trading/

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The score measures trading conditions, not the fund. ETFIQ makes no recommendations.